Palm Oil Rises Further, Hits 3-Week High
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Malaysian palm oil futures have risen to a three-week high, exceeding MYR 4,650 per tonne, driven by a weaker ringgit and positive expectations regarding Malaysia's biodiesel policy, which will transition to B15 biodiesel starting June 1. However, demand concerns persist, with India's imports dropping 27% month-on-month to a one-year low in April, and export shipments also declining. Additionally, rising supply from Indonesia, which exported 5.85 million tonnes of palm oil in the first quarter, adds further pressure on prices.
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